{"id":8064,"date":"2024-10-23T18:09:31","date_gmt":"2024-10-23T18:09:31","guid":{"rendered":"https:\/\/www.caindelhiindia.com\/blog\/?p=8064"},"modified":"2024-10-23T18:47:24","modified_gmt":"2024-10-23T18:47:24","slug":"important-update-on-bank-account-validation-for-gst","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/important-update-on-bank-account-validation-for-gst\/","title":{"rendered":"Important Update on Bank Account Validation for GST"},"content":{"rendered":"<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-8080\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/GST-bank-account-.jpg\" alt=\"GST bank account\" width=\"1280\" height=\"569\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/GST-bank-account-.jpg 1280w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/GST-bank-account--300x133.jpg 300w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/GST-bank-account--1024x455.jpg 1024w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/GST-bank-account--768x341.jpg 768w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/GST-bank-account--800x356.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/h2>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69dff5b867bf0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69dff5b867bf0\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-update-on-bank-account-validation-for-gst\/#Attention_GST_Taxpayers_Important_Update_on_Bank_Account_Validation_for_GST\" title=\"Attention GST Taxpayers! Important Update on Bank Account Validation for GST\">Attention GST Taxpayers! Important Update on Bank Account Validation for GST<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-update-on-bank-account-validation-for-gst\/#Steps_to_add_Bank_Details_on_GST_Portal_GST_Portal_New_Advisory\" title=\"Steps to add Bank Details on GST Portal : GST Portal New Advisory\">Steps to add Bank Details on GST Portal : GST Portal New Advisory<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-update-on-bank-account-validation-for-gst\/#Failed_Bank_Account_Validation\" title=\"Failed Bank Account Validation: \">Failed Bank Account Validation: <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-update-on-bank-account-validation-for-gst\/#Bank_validation_may_fail_for_the_following_reasons\" title=\"Bank validation may fail for the following reasons:\">Bank validation may fail for the following reasons:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-update-on-bank-account-validation-for-gst\/#Bank_Validation_Status_Showing_as_%E2%80%9CFailed%E2%80%9D_%E2%80%94_What_Should_You_Do\" title=\"Bank Validation Status Showing as \u201cFailed\u201d \u2014 What Should You Do?\">Bank Validation Status Showing as \u201cFailed\u201d \u2014 What Should You Do?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caindelhiindia.com\/blog\/important-update-on-bank-account-validation-for-gst\/#How_to_Update_Bank_Account_Details_if_Validation_Fails\" title=\"How to Update Bank Account Details if Validation Fails:\">How to Update Bank Account Details if Validation Fails:<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Attention_GST_Taxpayers_Important_Update_on_Bank_Account_Validation_for_GST\"><\/span><span style=\"color: #000080;\"><strong>Attention GST Taxpayers! Important Update on Bank Account Validation for GST<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>GSTN Issued Advisory on Validation of Bank Account Details While Adding Bank Account. The Goods and Services Tax Network has implemented a new validation process for updating bank account details during non-core amendments. Here&#8217;s a quick guide to ensure you follow the updated process smoothly: \u00a0Steps for Bank Account Validation:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Steps_to_add_Bank_Details_on_GST_Portal_GST_Portal_New_Advisory\"><\/span><span style=\"color: #000080;\"><strong>Steps to add Bank Details on GST Portal : GST Portal New Advisory<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-8067\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/21.jpg\" alt=\"Bank Account Details if Validation Fails\" width=\"919\" height=\"1171\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/21.jpg 730w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/21-235x300.jpg 235w\" sizes=\"(max-width: 919px) 100vw, 919px\" \/><\/p>\n<ol>\n<li>Update Bank Details: Begin by entering your new bank account details on the Goods and Services Tax portal.<\/li>\n<li>Click &#8220;VALIDATE ACCOUNT DETAILS&#8221;: You must validate the entered account details by clicking the &#8220;Validate Account Details&#8221; button.<\/li>\n<li>Validation First, Save Later: The \u201cSave\u201d button will remain disabled until the account details have been successfully validated.<\/li>\n<li>Activate the Save Option: Once the account details are validated, the \u201cSave\u201d button becomes active, allowing you to proceed and finalize the update.<\/li>\n<\/ol>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-8068\" src=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/22.jpg\" alt=\"Bank Account Details if Validation Fails ,\" width=\"892\" height=\"558\" srcset=\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/22.jpg 750w, https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2024\/10\/22-300x188.jpg 300w\" sizes=\"(max-width: 892px) 100vw, 892px\" \/><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Failed_Bank_Account_Validation\"><\/span><span style=\"color: #000080;\"><strong>Failed Bank Account Validation: <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Follow these steps to ensure your bank account updates are processed without delays and your Goods and Services Tax records remain up-to-date. Stages When Bank Account Details Are Sent to Public Financial Management System for Validation: Bank account details are sent to Public Financial Management System for validation during the following stages:<\/p>\n<ul>\n<li>Refund Application: When the taxpayer files for a refund.<\/li>\n<li>Bank Account Update: When the taxpayer updates their bank account details.<\/li>\n<li>Form GST RFD-05 Issuance: When the Tax Official issues Form GST RFD-05.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Bank_validation_may_fail_for_the_following_reasons\"><\/span><span style=\"color: #000080;\"><strong>Bank validation may fail for the following reasons:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Invalid Bank Name: The bank name entered might be incorrect.<\/li>\n<li>IFSC Code Mismatch: The entered IFSC code doesn\u2019t match the one associated with the bank.<\/li>\n<li>Inactive IFSC Code in Public Financial Management System: The entered IFSC code is inactive in the PFMS database.<\/li>\n<li>Non-existent IFSC Code in Public Financial Management System: The IFSC code does not exist in the PFMS system.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Bank_Validation_Status_Showing_as_%E2%80%9CFailed%E2%80%9D_%E2%80%94_What_Should_You_Do\"><\/span><span style=\"color: #000080;\"><strong>Bank Validation Status Showing as \u201cFailed\u201d \u2014 What Should You Do?<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>If your bank validation status is marked as &#8220;Failed&#8221;, you can:<\/p>\n<ul>\n<li>Choose a Different Bank Account: Select a different account from the \u201cSelect Account Number\u201d drop-down list.<\/li>\n<li>Add a New Bank Account \/ Rectify Details: File a non-core amendment application to update or correct the bank account details.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"How_to_Update_Bank_Account_Details_if_Validation_Fails\"><\/span><span style=\"color: #000080;\"><strong>How to Update Bank Account Details if Validation Fails:<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>To update bank account details after a validation failure:<\/p>\n<ul>\n<li>Login to the Goods and Services Tax Portal.<\/li>\n<li>Navigate to Services: From the dashboard, navigate to Services &gt; Registration &gt; Amendment of Registration Non-Core Fields.<\/li>\n<li>Update Bank Account: Add a new bank account or correct existing bank account details as required.<\/li>\n<li>Validate: After updating, click on \u201cValidate Account Details\u201d and follow the steps to ensure successful validation.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Attention GST Taxpayers! Important Update on Bank Account Validation for GST GSTN Issued Advisory on Validation of Bank Account Details While Adding Bank Account. The Goods and Services Tax Network has implemented a new validation process for updating bank account details during non-core amendments. Here&#8217;s a quick guide to ensure you follow the updated process &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[933],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/8064"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=8064"}],"version-history":[{"count":5,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/8064\/revisions"}],"predecessor-version":[{"id":8082,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/8064\/revisions\/8082"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=8064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=8064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=8064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}